Polkadot price analysis: DOT falls below $19 buying level to form downtrend

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TL;DR Breakdown

  • Polkadot price analysis shows price forming bearish trend
  • DOT moved below buying level at $19 during the day’s trade
  • Further movement downward could initiate buying before $14.20 support level

Polkadot price analysis is shifting to a bearish state, as price dropped around 2 percent over the past 24 hours to move below buying level at $19. DOT faced rejection near this level on April 11, and has been consolidating upwards since moving down to $17. The current trend could bring $14.20 support in play if buyers do not come into the market while the $23.10 resistance seems a far off prospect. Over the past 24 hours, price dropped as low as $18.11, while trading volume rose almost 2 percent, implying a bearish turnover for DOT.

The larger cryptocurrency market showed mixed signals over the past 24 hours, as Bitcoin and Ethereum consolidated above $40,000 and $3,000, respectively. Among major Altcoins, Ripple fell to $0.76 with a 1 percent decline, while Cardano and Dogecoin dropped to $0.94 and $0.14, respectively, enduring minor decrements. Terra also dropped slightly at $80.4, while Solana posed the only upward movement across the market with a 1 percent rise to reach $103.61.

Polkadot price analysis: Cryptocurrency heat map. Source: Coin360

Polkadot price analysis: Market valuation drops on daily chart to justify descent

On the 24-hour candlestick chart for Polkadot price analysis, price can be seen forming an abrupt descent to move further away from the demand region at $19. Continuation of this trend along with downward movement across the cryptocurrency market could propel DOT towards support at $14.20 where buyers would be expected to come into the market. Price currently sits just below the crucial 50-day exponential moving average (EMA) at $18.72 and continues to move further away.

Polkadot price analysis: DOT falls below $19 buying level to form downtrend 2
Polkadot price analysis: 24-hour chart. Source: Trading View

The relative strength index (RSI) curve shows a decline in market valuation for Polkadot at 42.73, justifying the downward price momentum. In addition, the moving average convergence divergence (MACD) continues to follow a bearish divergence below the neutral zone. Over the next 24 hours, DOT price is expected to drop further and any movement below $17.50 would invalidate underlying bullish momentum.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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